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Secondary Data

Secondary Data. MKTG 3342 Fall 2008 Professor Edward Fox. Secondary Data - Overview.

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Secondary Data

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  1. Secondary Data MKTG 3342 Fall 2008 Professor Edward Fox

  2. Secondary Data - Overview • Secondary data are pieces of information that have already been collected for a different purpose, but may be relevant to the research problems at hand. Primary data, in contrast, are survey, observation, or experimental data collected to address the problem currently under investigation.

  3. Importance/Usefulness • Secondary data are useful for addressing a number of research questions, for example: • Estimating market potential • Analyzing competitors • Sales forecasting • Assessing industry trends • Alerting the manager to potential problems • Providing preliminary information to guide subsequent primary data collection Hollywood stock exchange

  4. Advantages of Secondary Data • Low Cost • Less Effort • More Timely • Some info is available only from secondary data sources; for example: • Market shares • Industry data from trade associations

  5. Sources of Secondary Data There are two key sources of secondary data: Other Organizations or Persons (External Databases) The Company Itself (Internal Databases)

  6. Internal Databases • Database Marketing • Is the creation of large computerized files of customers’ and potential customers’ profiles and/or purchase patterns. • Is the fastest-growing use of internal database technology.

  7. External Sources of Secondary Data http://www.census.gov/ • Government publications – Census, Bureau of Labor Statistics, etc. • Trade Associations - Newsletters, special reports, annual “state of the industry” reports, etc. • Other publications - periodicals (e.g., WSJ, Fortune), annual reports, Moody’s, Dun & Bradstreet • Computer retrievable databases (syndicated) - Lexis/Nexis, scanner data • Internet http://www.bls.gov/ http://www.moodys.com/ http://www.dnb.com/us/

  8. Computer Retrievable Sources of Secondary Data • Surfing the web –Search Engines • Newsgroups on the Internet • Internet sites devoted to a specific topic where people can read and post messages. • Databases • A number of companies offer database packages on DVD for personal computers or by subscription over the internet. Cox Databases

  9. Other Sources of Secondary Data • Geographic Information Systems • Computer-based systems that use secondary and/or primary data to generate maps that visually display answers to research questions.

  10. Some Useful Numbering Systems – SIC & UPC • SIC (Standard Industrial Classification) is an uniform numbering system for classifying establishments according to their economic activities. Total economy is divided into 11 divisions (manufacturing/mining etc...) which are further divided into major groups and subgroups. Example: 57 = Home Furniture, Furnishings 571 = Home Furniture and Furnishing Stores 5715 = Furniture Stores • Government and several non-govt. industrial data are organized by SIC codes now being replaced by North American Industrial Classification Codes (NAICS) • UPC: Numbering system used in consumer goods

  11. SIC System for Classifying Retailers

  12. Limitations of Secondary Information • Lack of Availability • For some research questions there are simply no available data. For example, if Kraft General Foods wanted to evaluate the taste, texture, and color of three new gourmet brownie mixes, there are no secondary data that would answer these questions.

  13. Limitations of Secondary Information • Lack of Relevance • May be measured in units that cannot be used by the researcher. • May relate to a sample other than the intended target. • May be outdated. • Inaccuracy • Always assess the accuracy of the data. There are a number of potential sources of error when a researcher gathers, codes, analyzes, and presents data.

  14. Summary of Key Points • Secondary data are information previously gathered for a different purpose that may be relevant to the problem at hand. • Secondary data can come from sources internal to the organization or external. • The internet has, in many ways, enabled the gathering of secondary data. • Secondary data are generally useful, low-cost, rapidly available sources of information. Always look for secondary data first

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